Skip navigation
Watchlist Sponsored By :


Current DateTime: 03:22:04 08 Nov 2009
LinksList Documentid: 24355697

Current DateTime: 03:22:04 08 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Hovnanian Says Weekend Home Sale a Success
By: Peter Kang | 16 Sep 2007 | 08:03 PM ET
Text Size

Homebuilder Hovnanian Enterprises said its weekend sales blitz on some of its hottest real estate properties was a clear success but exact figures are yet to be determined.

"It has been phenomenally successful," said Doug Fenichel, head of public relations for Hovnanian's Northeast region.

CNBC.com

"The number of people visiting our centers was in the thousands, and that was just in New Jersey," he said. "We knew people were ready to buy and many people found deals they liked and are buying homes."

Fenichel added that all of the company's properties in Parsippany, N.J. were completely sold out over the weekend. The company expects to have more details on the numbers of homes sold by Tuesday, the spokesman said.

The sale, announced on Sept. 5, started at 9 a.m. Friday and ending at 9 p.m. Sunday, involved thousands of homes in 19 states and was promoted by the company in radio and print ads as the "Deal of the Century."

Hovnanian currently does not have plans to conduct a similar sale in the future, according to Fenichel.

"We're always trying to provide value, but this was called the deal of the century because it was a one-time shot," Fenichel said. "We needed to give people a little push to get them in and tomorrow prices go back to normal."

Tight credit, fueled by a meltdown in the subprime mortgage industry this year, has sidelined potential buyers who were already wary following years of escalating home prices.

Hovnanian [HOV  Loading...      ()   ] recently reported a quarterly loss of $1.27 a share, compared with a profit of $1.15 a share in the same period last year.

© 2009 CNBC.com
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Rumors abound that Oprah will leave her show to start a new network. What would this mean for daytime TV?
  • Berkeley's Chez Panisse and the trend of eating locally grown, pesticide-free seasonal foods.
  • Jim Cramer
  • Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
  • Hideki Matsui
  • Did Hideki Matsui’s performance make it more likely that the Yankees will pay to have him back?
  • Which wines should you bring—or serve—with holiday meals this year? Ask a connoisseur.
  • Two competitors in this year’s World Series of Poker in Las Vegas have stories fit for Hollywood.
ADD COMMENTS
Remaining characters


Current DateTime: 03:19:59 08 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 03:19:59 08 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 03:20:01 08 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 03:20:01 08 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters